Other Pharmaceuticals - Sri Lanka

Sri Lanka

The Other Pharmaceuticals market in Sri Lanka is expected to achieve a revenue of US$92.14m in 2024.
Looking ahead, the market is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 1.20%, leading to a market volume of US$97.82m by 2029.
In terms of global comparison, United States is projected to generate the highest revenue, amounting to US$260.50bn in 2024.
Sri Lanka's pharmaceutical market is experiencing a surge in demand for traditional Ayurvedic medicines.

Key regions: China, Europe, Australia, United States, Germany

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Analyst Opinion

The Other Pharmaceuticals market in Sri Lanka has been experiencing steady growth in recent years.

Customer preferences: Consumers in Sri Lanka have been increasingly concerned about their health and well-being, leading to a growing demand for pharmaceutical products. In particular, there has been a rise in demand for alternative medicines and natural remedies.

Trends in the market: The Other Pharmaceuticals market in Sri Lanka has been growing steadily due to several factors. One of the main drivers of growth is the increasing demand for generic drugs, which are more affordable than their branded counterparts. Additionally, the government has been taking steps to improve the availability and affordability of pharmaceutical products, which has led to an increase in overall consumption.

Local special circumstances: Sri Lanka has a relatively small pharmaceutical industry, with most products being imported from other countries. However, the government has been implementing policies to encourage local production and reduce dependence on imports. Additionally, the country has a large aging population, which has contributed to the growing demand for pharmaceutical products.

Underlying macroeconomic factors: The Sri Lankan economy has been growing steadily in recent years, which has led to an increase in disposable income for consumers. This has contributed to the growing demand for pharmaceutical products, as consumers are more willing and able to spend money on healthcare. Additionally, the government has been investing in infrastructure and healthcare, which has helped to improve the overall quality of life for citizens.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.